Waiting for Investor Approval--Anything I can do?
Hi!
I'm sort of in a weird situation. I am the renter of a house that my friend is buying on short sale. My friend is an 87 year-old man who is investing in the short sale as an income property. Anyway, Bank of America approved the short sale via Equator on May 26, 2010. He (and I as the eager renter-to-be) have been waiting for investor approval (and the approval letter) ever since. I often speak with the realtor as an advocate for my friend. The realtor, btw, is the realtor for both my friend (the buyer) and the seller. The realtor says there is nothing we can do but wait for investor approval--that if you write to the Equator people, they won't write back. She has told me that the investor is an institution, and that Bank of America is just the servicer of the loan. When I tried to look up the investor online via a web site I found on one of these boards, I found out that the the investor is Countrywide--which confuses me b/c I know that BOA bought Countrywide. Anyway, that's all I know. Truthfully, I haven't pressed the realtor for more information on the investor as obviously it's an awkward situation since I'm not the buyer. My friend, however, doesn't know enough about short sales to ask the right questions, and has encouraged me to advocate on "our" behalf. Anyway, is it true that there is *nothing* that the realtor can do to generate the investor approval more quickly? I am fine to just wait if that's all I can do, but I just need to know if I can make my realtor do something she is not currently doing to get that investor approval and that beautiful letter.
Thanks in advance for any advice you can give me!
Kelly
Replies to This Discussion
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Permalink Reply by Bryant Tutas on
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Kelly. CW is not the investor. And neither is BofA. Chances are it's FannieMae or FreddieMac. If it's been 6 weeks since BofA accepted the offer in equator then the listing agent should try to escalate the file to see if the process can be expedited. It may not help but it's worth the try.
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Permalink Reply by Kelly McCarthy on
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Wow! Okay I will check with the realtor and see if she'll tell me who the investor is. And I will ask if she will escalate the file. Thanks so much!
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Permalink Reply by Louise Dela Cruz on
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This is all up to the realtor. She can call B of A daily, email them in the Rquator system daily, asking for updates. the file can be escalated every 3 or 7 days depending on the task. If she is dilligent they will become more responsive.
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Thanks Louise. The realtor's attitude is that she has tried emailing and hasn't gotten any response, so she feels like all we can do is wait. It's hard for me to tell her to do something differently as I'm not even the buyer. I have tried to suggest things like escalating and she seems to think our best strategy is to wait. Also, Bryant, I checked with her and she doesn't know who the investor is. I also saw someplace online that said if you try to escalate, they put the file with someone else and it just adds more waiting time, which is definitely what I DON'T need:)
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My experience with "escalating" the file has always been positive over the past several years. It gets the negotiator to pay attention to the file and that is always a good thing. Emailing on the file is simple, and agents have the option to email the team leader, the Negotiator, the team Manager, etc. and they should take advantage of emailing frequently in rotation. The agent has a duty to be dilligent. The landlord or current owner may be interested in the fact that the agent is not working with a sense of urgency.
Kelly McCarthy said:Thanks Louise. The realtor's attitude is that she has tried emailing and hasn't gotten any response, so she feels like all we can do is wait. It's hard for me to tell her to do something differently as I'm not even the buyer. I have tried to suggest things like escalating and she seems to think our best strategy is to wait. Also, Bryant, I checked with her and she doesn't know who the investor is. I also saw someplace online that said if you try to escalate, they put the file with someone else and it just adds more waiting time, which is definitely what I DON'T need:) -
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Good point! I will talk to the realtor more about escalation and I will also tell my landlord/soon-to-be owner about it so that he can encourage the realtor to escalate. Thanks for all of your help!
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What is the avg turn around on a SS deal with B of A, once submitted on Equator?
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I understand that the average time for B of A response is 138 days
Mike Benitez said:What is the avg turn around on a SS deal with B of A, once submitted on Equator? -
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Permalink Reply by Valorie Stover Quality Realtor on
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Mike, the agent can also call in for an update and if the task the negotiator was assigned hasn't been done, she ask for them to send in a reminder. I just finished a short sale and it was 3 weeks with the investor dept. The agent may be doing all she can. I called twice a week and emailed the negotiator 3 times a week, never got an answer from her. It took 3 months before approval was done. The most help I got was calling to 866-8801213. The system is set-up with dead lines for them as well as the seller and agent and when calling in, I got answers to my questions.
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Good news! Status in Equator changed today to generating, as in generating the approval letter!!!! The real estate agent thinks we should have it within 48 hours. FYI, it will be seven weeks on Wednesday, July 14, from the day the bank approved the sale in Equator and it went out to the investor.
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